Battery Monitoring System Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027 Segmented By Battery Type (Lithium Ion Based Battery, Lead Acid Battery, Others), By Component (Hardware, Software), By Type (Wired Battery Monitoring System, Wireless Battery Monitoring System), By End User (Telecommunications, Energy, Automotive, Others), By Region, By Company

Global battery monitoring system market was valued at USD3742.56 million in 2021 and is anticipated to project robust growth in the forecast period with a CAGR of 14.21%. Increasing need for battery monitoring in telecommunications and growing demand for electric vehicles are driving the growth of the global battery monitoring system market in the upcoming years.

Battery Monitoring System (BMS) allows users to monitor individual cells within a battery pack. BMS monitors and manages a battery pack in order to protect it from damage, prolong its life, and keep the battery operating within its safety limits. BMS is basically any electronic system that manages a rechargeable battery by protecting the battery from outside its safe operating area. Global battery monitoring system is further classified on the basis of battery type by the Lithium-Ion Battery and Lead-Acid Battery others. Growing demand for electric vehicles are driving the growth of the battery monitoring system market globally.

Rising Trend of Wireless Battery Monitoring System (BMS) Driving Market Growth

The advancement of technology and IoT adoption results in the rising trend of wireless battery monitoring systems. Wireless communication can reduce the weight of the battery monitoring system, resulting in the reduced weight of electric vehicles. It also reduces the overall complexity of the communication network. Additionally, the smaller footprint of the wireless battery monitoring system provides flexibility in where the system can be placed inside the vehicle. Such a system eliminates the time delay for information as it does not have to propagate all the way up and down the wiring ring, which makes it promising to make time-synchronized measurements across the entire pack, as well as the ability to synchronize the measurement of other qualities. The implementation of various wireless communication protocols in electric vehicles is expected to drive the growth of the wireless battery monitoring system and hence provide a push to the global battery monitoring system market.

Increasing Demand for Lithium-ion Batteries in Global Battery Monitoring System Market

The increasing demand for lithium-ion batteries is expected to drive the global battery monitoring system market in the forecast period. These batteries provide various advantages over traditional batteries, such as fast charging of such batteries minimizes downtime. Moreover, these batteries are ideal for a burst of power due to their high rate of discharge. These batteries are recyclable and cause less pollution. The battery monitoring system is required in most lithium-ion battery packs, particularly when used in electric vehicles. A battery monitoring system is required in the lithium-ion battery pack to increase operational efficiency by monitoring its parameters such as voltage, temperature, etc. The increasing adoption of electric vehicles is driving the demand for lithium-ion battery packs, which in turn is resulting in a surge of battery monitoring systems.

Rising Opportunities in Renewable Power Grid Infrastructure

Increased investment in renewable energy sources, including wind, hydro, and others, is resulting in a change of power grid infrastructure where battery banks are being used for backup power or protecting from power fluctuations on the grid. Furthermore, the development of distributed energy resources will increase the demand for battery banks in power grids. It is necessary to maintain a constant power supply and reduce hazardous, costly power outages in such power grid infrastructure, making the use of battery monitoring systems inevitable.

Growing Demand for Electric Vehicles Aids in Market Growth

One of the primary developments of the twenty-first century is the electrification of transportation. Electrification of road transport is being accelerated around the world due to the green government policies in various countries. According to a recent report, global sales for electric cars increased by 41% to about 3 million electric cars, which will increase the demand for batteries and battery monitoring systems worldwide. Battery monitoring systems increase the life span of the battery and reduce the maintenance and replacement cost. This reduces the overall cost of owning electric vehicles. Thus, the growing demand for electric vehicles is driving the demand for battery monitoring systems market as well.

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Market Segmentation

In terms of country, the United States battery monitoring system market is expected to grow at a CAGR of 14.36% in the forecast period, 2023-2027.

Company Profiles

Curtis Instruments, Inc., Power Shield Limited, Schneider Electric SE, Socomec Group, Capitol Power Group, LLC, BTECH, Inc., ABB Ltd., Battery Data Acquisition, Exponential Power, Inc., HBL Power Systems Limited, Texas Instruments Inc., Analog Device Inc., Shenzhen Relat Electronic Technology Co., and Ltd. and Eagle Eye Power Solutions, LLC, are among the major market players in the global platform that lead the market growth of the global battery monitoring system market.